Huobi Global announced today that they will be suspending ZCash’s deposit and withdrawal and at the same time have reopened Monero’s deposit and withdrawal. The reason for ZCash’s suspension is due to the upcoming Sapling Hard-Fork. According to Huobi, they will enable deposits and withdrawal of ZCash after the update has stabilized.
ZCash hard fork
On 28th October ZCash will undergo a network update known as Sapling. Sapling introduces significant efficiency improvements for shielded transactions. With the Sapling upgrade, shielded transactions using ZK-Snarks can be constructed in a few seconds and with less than 40 MB of memory.
The Sapling upgrade also has introduced new features such as Decoupled Spend Authority and Improved keys.
Huobi Stops Moneros Deposits and Withdrawl
On September 19th, Huobi announced that they will be halting Monero deposits and withdrawal. The reason given by Huobi regarding the halting of XMR Deposits and Withdrawal was due to Monero’s node upgrade.
Houbi has reinstated Monero deposits and withdrawals. This news was announced on their official announcement page. The reopening of Monero’s trading has not had much effect on the price of Monero. That is because over 75% of Monero’s trading is being handled by Bithumb.
Monero is the 10th largest currency in terms of Market capitalization. The cryptocurrency has a market cap at $1.7 Billion and is trading $107. ZCash, on the contrary, is rising due to the upcoming Spaling hardfork. ZEC rose by 2.79% in the last 24 hours.
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